Eligibility

You may be able to qualify even if you did not finish your degree program.

Be an Alaska resident

Have at least $7,500 in qualifying education loan(s), in good standing

Have a FICO score of 720 or higher, or a cosigner who meets the FICO score requirement

You, or your cosigner, must be employed or have other regular source of income

Accepting Your Award

Once your Refi application is approved, we'll send you a Loan Application Disclosure (LAD). You must accept the disclosure before we can finalize the refinancing process. The quickest way to accept your loan terms is electronically, through your online account.

Disbursement

After you accept your LAD, ACPE will pay off your loans with your lender(s). You'll be notified when the payment is sent. Please continue making payments with your current lender until you can verify they've received ACPE's pay off check.

What is APR?

Credit Requirements

To qualify for the Alaska Refinancing Loan, you must have a FICO score of at least 720, or an eligible cosigner. The online application process gives you the opportunity to send an instant request to a potential cosigner if you don't have the required FICO score. You must also be employed, or be able to document a regular source of income.

Consider a Cosigner

Borrowers who have little or no credit history may have difficulty qualifying for a student loan. ACPE encourages borrowers who do not meet the credit requirements to consider a cosigner for their student loan.

What is a Cosigner?

A cosigner on a loan assumes responsibility for the loan if the borrower should fail to repay the loan. A cosigner has an independent responsibility to repay the loan and to notify ACPE in the event of changes affecting the cosigner or the student borrower.

ACPE may notify the cosigner of delinquency in repayment or any changes in the loan terms that increases the amount due on the loan. You may elect to provide a cosigner to ensure your application is found to be creditworthy. If you elect to provide a cosigner in support of your loan request, that person will continue to be a responsible party for the loan even in the event you meet the credit conditions independently.

Repayment

Choosing Wisely

Even though refinancing may offer many potential benefits, be sure you understand what you're giving up – even a lower payment may not be worth the loss of certain benefits afforded to federal Direct and/or Stafford loan borrowers.

Read your promissory notes carefully, and don't be afraid to ask questions if there is something you do not understand.

When you refinance, you give up all benefits associated with the old loans. This may include options such as forgiveness, deferments, and income-based repayment options, available on some federal loans, or ACPE's 48-On Time Payment cost reduction or auto-pay benefit.

If you have loans with interest rates below 4.95%, refinancing may not lower your costs, so be sure to check the rates on your existing loans before refinancing.

This site is the official website of the Alaska Commission on Postsecondary Education (ACPE) - funded by the Alaska Student Loan Corporation (ASLC) - and its affiliated programs. ACPE offers a suite of financial aid and outreach services, including low-cost student education loans. A complete list of related programs is available under Programs and Services. ACPE does not provide payday loans or cash advances, nor does ACPE endorse or lend its name to any such products. All content and materials on the ACPE site are protected by State, U.S., and international copyright laws. For more information, read our Terms of Use.